The Kingbird, Inc. purchased $9690 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1710 on hand. The adjusting entry that should be made by the company on June 30 is .

Dr Supplies Impairment Expense $7980

Cr                         Supplies Inventory      $7980

Explanation:

According to IAS 2 Inventories, the impairment in the inventory values must be reflected as an expense and must be accounted for.

IAS 2 also says that the inventory must be recorded at lower of:

This meas that writing down this inventory would require an adjusting entry of:

$9690 - $1710 = $7980

Impairment is debited with this amount and inventroy must be credited to reduce its value by $7980.

Dr Supplies Impairment Expense $7980

Cr                         Supplies Inventory      $7980

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.